Elevator-Served Medical Office
For Sale
Contact for pricing
1922 Pottery Ave, Port Orchard, WA 98366
2008-built, elevator-served office building with multiple suite configurations for medical and professional uses.
Property Size10,171 SF
Price / SF$226.13
Days on Market130
Property Features for 1922 Pottery Ave
General Information
Standard status
Active
Size
10,171 SF
Property subtype
OFFICE
Zoning
BPMU
Additional Details
Highway Access
Yes
Building Details
Year Built
2008
Listing Agency:
KW Commercial Greater 360
(253) 606-6332
Listed By:
Joey Soller
(253) 606-6332
Source:
Moodyscre
Added: Apr 2
Changed: Jul 25
Last Checked: Jul 25 at 9:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW Commercial Greater 360
Investment Insights
Based on property information with market context.
Professional office building constructed in 2008 offering approximately 10,171 square feet across multiple levels. The building is elevator-served and features a modern professional design with an interior layout suited to a mix of suite sizes.
Positioned within an established medical and professional services corridor in South Kitsap, the property is surrounded by healthcare providers such as physical therapy, chiropractic, family medicine, and specialty clinics. Convenience to WA-16 and nearby residential neighborhoods supports day-to-day access for client-facing operations.
The property’s BPMU zoning allows a wide range of permitted uses, including medical, dental, professional office, and specialty services. Suite configurations provide flexibility for different occupancy plans, including phased occupancy or reconfiguration based on user needs.
Positioned within an established medical and professional services corridor in South Kitsap, the property is surrounded by healthcare providers such as physical therapy, chiropractic, family medicine, and specialty clinics. Convenience to WA-16 and nearby residential neighborhoods supports day-to-day access for client-facing operations.
The property’s BPMU zoning allows a wide range of permitted uses, including medical, dental, professional office, and specialty services. Suite configurations provide flexibility for different occupancy plans, including phased occupancy or reconfiguration based on user needs.
Key Highlights
- 2008‑built, elevator‑served office building with approximately 10,171 SF across multiple levels
- BPMU zoning with permitted uses including medical, dental, professional office, and specialty services
- Suite mix accommodates medical, therapy, and general office users with flexible configurations for phased occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$181,129
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,622,580
$3.6M
Cap Rate 7%
$2,587,557
$2.6M
Cap Rate 9%
$2,012,544
$2.0M
Market Conditions
NOI Build-Up for 10,171 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$333.2K $32.76/SF
− Vacancy
−$31.3K −$3.08/SF
EGI
$301.9K $29.68/SF
− OpEx
−$120.8K −$11.87/SF
NOI
$181.1K $17.81/SF
Area
Kitsap County, WA
Vacancy
9.40%
Lease Rate
$32.76 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,622,580
Cap Rate 7%
$2,587,557
Cap Rate 9%
$2,012,544
Alternative Uses
Best Use
Healthcare Medical
$2.59M
$2.26M – $3.02M
NOI $181,129 @ 7.0% cap · market cap 7.88%
Second Best
Office B
$2.07M
$1.81M – $2.42M
NOI $144,998 @ 7.0% cap · market cap 6.30%
Theoretical Best
Specialty Retail
$3.39M
$2.97M – $3.96M
NOI $237,406 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
540
Businesses Nearby
Explore this area
Business Placement
Demographics for 98366, WA
36,969
Population
15,391
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
94%
High-School Grad
23.4 sq mi
ZIP Area
1,580
Density / Sq Mi
$88,807
Median Household Income
$51,884
Median Earnings
$1,704
Median Rent
$449,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 2008-built, elevator-served office building with multiple suite configurations for medical and professional uses.
Where is this office building located?
The property is located at 1922 Pottery Ave Port Orchard, WA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 2008‑built, elevator‑served office building with approximately 10,171 SF across multiple levels; BPMU zoning with permitted uses including medical, dental, professional office, and specialty services; Suite mix accommodates medical, therapy, and general office users with flexible configurations for phased occupancy
